BlackRock sells St James’s Tower for £32m
French property investment company Corum L’Epargne has picked up the 87,900 sq ft office block in Manchester city centre from the American investment corporation.
BlackRock took over the building, along with British Airways Pensions Fund’s £1.7bn property portfolio, last June. The BA Pension Fund purchased the building in 2014 for £21m.
Located off Charlotte Street, St James’s Tower was built in the 1960s and has undergone several major refurbishments since, including a ground and first-floor extension in 2017. This has ultimately led to rent increasing from around £17.50/sq ft to £30/sq ft.
Filled with Grade A offices, St James’s Tower boasts 360-degree views of the city centre.
Current tenants include Fletchers Solicitors, workplace provider Regus and software company Pimberley. OBI is the asset manager for the property and has been since 2012.
DTRE and OBI represented BlackRock on the £32.4m sale to Corum L’Epargne. The French company was advised by Kimmre.